Beyond Meat exceeded analysts’ expectations for both revenue and earnings in the third quarter, but the plant-based meat company lowered its full-year revenue forecast. The company saw strong growth in its US retail and foodservice channels, but international foodservice revenue declined. Beyond Meat is focused on bolstering its cash reserves and restructuring its balance sheet in the coming year.
Beyond Meat’s stock dropped significantly on Monday after the company reported a decline in revenue for the second quarter. While exceeding revenue expectations, the company missed on its earnings per share target. Despite CEO Ethan Brown’s optimistic outlook for 2024, the company’s financial performance and debt burden continue to raise concerns.
Despite the growing popularity of plant-based meat alternatives, most consumers still hesitate to order them in restaurants. A new study identifies six types of diners who avoid these dishes, ranging from those who are environmentally conscious but prefer traditional vegetable dishes to those who are skeptical of the technology used to create plant-based meat. The study highlights the need for restaurants to find creative ways to promote plant-based meat dishes to overcome these barriers.
The plant-based meat industry has witnessed a downturn in sales. Despite initial growth during the pandemic, sales in the US declined by 13% over the past two years. High prices, lackluster taste and texture, and increasing concerns about ultraprocessed foods are hampering sales. However, plant-based milk remains a strong performer, holding a significant share of the market. The industry faces challenges in meeting environmental goals, as the decline in meat alternatives sales raises questions about their impact on carbon emissions.
